ONEONTA — The Bank of Cooperstown recently announced that it plans to open a new full-service branch office on Main Street in Oneonta in mid-2014.
“This expansion is a testament to the hard work that Scott White [president of the Bank of Cooperstown] and his bank team have done,” Mike Briggs, president and CEO of USNY Bank, the parent of the Bank of Cooperstown, said in a news release.
Since its formation in 2007, the Bank of Cooperstown has “been able to generate consistent growth in the Cooperstown–Oneonta market,” according to Briggs. The bank currently has one branch office at 73 Chestnut St. in Cooperstown. The bank ranked fifth in deposit market share in Otsego County, with a nearly 6 percent share of the county’s total deposits, as of June 30, 2013, according to FDIC data.
“We’ve had bank customers and shareholders in Oneonta for many years. We view this proposed new branch as a natural extension of our market area and a great way to better serve our existing bank customers,” he said.
The Bank of Cooperstown’s application for the new full-service branch office in Oneonta has been approved by the New York State Department of Financial Services and the Federal Deposit Insurance Corporation (FDIC), according to the news release.
The new office will be located at 34-36 Main Street in the city of Oneonta. The Bank of Cooperstown recently purchased these two properties and will begin the site-preparation process soon, according to White.
“We are currently working with our architect and general contractor on this construction project. Necessary approvals have been obtained to construct a new banking facility with a drive-thru ATM and two drive-thru lanes,” White said. “We’re eager to open the branch and continue to build additional new relationships in the Oneonta market.”
In the release, Briggs noted the bank’s overall strength and strong financial performance. Bauer Financial has continued to award USNY Bank a “5-star” (superior) ranking for financial soundness and SNL Financial ranked the bank among the 100 top-performing banks in the country with assets totaling less than $500 million for the past three years, he said.
USNY Bank, which also operates the Bank of the Finger Lakes in Geneva, generated net income of more than $665,000 in the fourth quarter of 2013 and more than $2.35 million for all of 2013.
USNY Bank says it specializes in providing banking services for small- and mid-sized businesses, professional practices, agribusinesses, farms and wineries, in addition to residential mortgage and retail lending.
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